SINGAPORE (Feb 12): Last year, Ron Tan embarked on a revamp of the board of directors at Cityneon Holdings. In May, Tan had teamed up with a group of investors to acquire control of the interactive exhibition company. Tan, who was group CEO of Cityneon at the time, formed a special-purpose vehicle for the takeover. The SPV, in which Tan has a 15.5% stake, now owns 69% of Cityneon.

“We had a board of seven directors and two alternate directors [before the takeover],” says Tan, who currently serves as both group CEO and executive chairman. “At this stage of our growth, I want directors who can commit almost 100% of their time when it comes to board meetings. I think if you need to appoint alternate directors [for them], then maybe they are not the right candidate at this stage.”

Besides appointing new, more committed directors, Cityneon also appointed three independent directors. Tan says these directors have the skill sets compatible with the company’s growing interactive exhibition business. “We want people who have had exposure to growth companies,” he says.

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